FEDERAL DISTRICT COURT RULES ON FINRA ARBITRATION DISPUTE
The individual defendants in this matter each brought claims against Plaintiff in arbitration through Defendant FINRA. Plaintiff disputed its obligation to arbitrate and refused to execute the Uniform Submission Agreement required by FINRA. Plaintiff filed a first-amended complaint in the Southern District of Ohio seeking declarative and injunctive relief regarding the duty to arbitrate. Defendants moved to dismiss. The Court granted Defendants’ motions to dismiss. Relying on Sixth Circuit authority which held that the Federal Arbitration Act forbids immediate appeals of interlocutory orders, the court concluded that the Plaintiff was in fact seeking a review of interlocutory orders compelling Plaintiffs to sign the submission agreement. The Court also denied Plaintiffs request for injunctive relief. O.N. Equity Sales Company v. FINRA Disipute Resolution, Inc., Case No. 1:07cv804 (USDC S.D. Ohio).
This post written by Lynn Hawkins.
